DIRS.INFO The most relevant business & tech news

☆ Hindenburg shorts Jack Dorsey's payments firm Block, shares plunge
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Cash App is seen at the main hall during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. REUTERS/Marco BelloMarch 23 (Reuters) - Hindenburg Research on Thursday disclosed short positions in Block Inc (SQ.N) and alleged that the Jack Dorsey-led payments firm overstated its user numbers and understated its customer acquisition costs. Shares of Block slid 20% to $57.85 in premarket trading following the report. Hindenburg added that Block "obfuscates" how many individuals are on the Cash App platform by reporting misleading "transacting active" metrics filled with fake and duplicate accounts. Founded in 2017 by Nathan Anderson, Hindenburg is a forensic financial research firm that analyses equity, credit and derivatives.

"Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping," the short seller said in its report. Up to 35% of Cash App's revenue is derived from interchange fees, Hindenburg alleged. But Block avoids that regulatory cap imposed on large financial institutions by routing the revenue through a small bank, Hindenburg alleged. The small-bank routing method is one employed by Block rival PayPal , the short seller claimed, and which prompted a Securities and Exchange Commission probe. Hindenburg took issue with Cash App's practices during the pandemic, when the government issued stimulus checks to qualified American adults.

☆ Top 10 things to watch in the stock market Thursday: Stocks bounce, Ford EVs, Apple
▼ + stars: | 2023-03-23 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

Marathon Oil (MRO) and Club holding Pioneer Natural Resources (PXD) catch upgrades at Citi. Club holding Ford (F) unveiled its new financial reporting structure ahead of Thursday's teach-in event. Club holding Apple (AAPL) increasing its commitment to sports and content? Coty (COTY) added to Piper Sandler's top ideas in beauty after analysts performed a round of checks in stores in Chicago plus recent company updates. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ A prominent short-seller just released a bombshell report on payments darling Block. Here are the 4 biggest claims.
▼ + stars: | 2023-03-23 | by ( Carla Mozée | ) www.businessinsider.com time to read: +5 min

Hindenburg Research on Thursday released a scathing report about Block, saying it inflated metrics. The short-seller financial research firm led by Nathan Anderson said it has taken a short position on Block shares after its two-year probe. The firm also said it ordered and "promptly received Our Donald J. Trump Visa Cash App card in the mail." It saw multiple Cash App accounts bearing the name "Jack Dorsey" as well as dozens of "Elon Musk"' and "Donald Trump'" fake accounts as well. "The only payment provider mentioned in the indictment was Cash App, which was used to facilitate the fraudulent COVID relief payments," wrote Hindenburg.

☆ There are growing expectations that Salesforce is readying a succession plan to appease activist investors. 'There's not a lot of people sitting on the bench,' one analyst said.
▼ + stars: | 2023-03-01 | by ( Ellen Thomas | Ashley Stewart | ) www.businessinsider.com time to read: +8 min

Analyst said any succession plan would be about giving investors "comfort" about the future. Company insiders, former employees and Wall Street analysts increasingly expect Salesforce to put a succession plan in place soon. 'If he's willing to work with the activists, then he can stay CEO'Analysts think that if a succession plan is announced soon, it won't include Benioff's immediate exit. "Benioff is Salesforce and Salesforce is Benioff," said Dan Ives, an analyst at Wedbush Securities. Bret Taylor, former Salesforce executive SalesforceTaylor's departure in late November left Salesforce with a limited bench of potential successors.

☆ Twitter shut down 2 of its 3 offices in India and asked staff to work from home, report says — even though owner Elon Musk is a huge advocate of in-office working
▼ + stars: | 2023-02-17 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Twitter is closing two offices in India located in Delhi and Mumbai, per Bloomberg. Staff in those offices have been told to work from home, despite owner Elon Musk's distaste for home working. Twitter closed its offices in India's capital city Delhi and financial center Mumbai, sources familiar with the matter told Bloomberg. This latest cost-cutting measure came after Musk laid off over 90% of Twitter staff in India in November, leaving behind only about 12 employees. Meanwhile, staff working in marketing, communications, and public policy in India were also fired, per Bloomberg.

☆ PayPal tells Australia it supports buy-now-pay-later regulation
▼ + stars: | 2023-02-16 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

SYDNEY, Feb 16 (Reuters) - Payments giant PayPal Holdings Inc (PYPL.O) wants buy-now-pay-later (BNPL) loans subjected to consumer protection law, it said in a submission to the Australian government, adding a powerful voice from inside the sector calling for regulation. Many other companies which sell BNPL loans said in submissions that they supported minimal or self-regulation. BNPL companies attract shoppers by charging no interest and make money from retailer fees. The company saw "merit in further consideration of the development of a bespoke BNPL credit reporting framework" without the full "costs typically associated with engaging in the credit reporting regime". The government has said it wants BNPL regulation in place in 2023.

☆ Twitter founder Jack Dorsey mocked new owner Elon Musk's company over a major outage, saying it used to be where people talked 'when anything went down'
▼ + stars: | 2023-02-10 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Jack Dorsey, the Twitter cofounder, criticized Elon Musk's Twitter management on Wednesday. A "massive" outage left users unable to tweet because data was mistakenly deleted, per Platformer. "When anything went down, people went to Twitter to talk about it. "Used to be when anything went down, people went to Twitter to talk about it. Platformer reported that the fiasco occurred because an employee had accidentally deleted data for the service which sets rate limits, and the team responsible for that had left Twitter in November.

☆ An ex-Twitter exec told Congress he had to sell his home after a barrage of 'homophobic and antisemitic' harassment over the 'Twitter Files'
▼ + stars: | 2023-02-09 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

A former Twitter exec said "homophobic and antisemitic" harassment forced him to sell his home. Yoel Roth testified to Congress that the release of Elon Musk's "Twitter Files" harmed former staff. During a lengthy hearing related to Twitter's handling with the Hunter Biden laptop story, Roth was asked how the release of Elon Musk's Twitter Files had affected his personal safety. He began by saying that the "Twitter Files" also affected more junior employees at Twitter, and that staff as far away as the Philippines were "doxxed, had their families threatened, and experienced harm equal to or greater than what I've experienced." The "Twitter Files" are a series of tweets released under Musk's leadership about "free speech suppression" on the platform under its previous management.

The U.S. Commodities Futures Trading Commission has estimated missing customer funds at more than $8 billion. The affiliates -- LedgerX, Embed, FTX Japan and FTX Europe -- are relatively independent from the broader FTX group, and each has its own segregated customer accounts and separate management teams, according to FTX court filings. In part to preserve the value of its businesses, FTX also sought Dorsey's approval to keep secret 9 million FTX customer names. Dorsey allowed the names to remain under wraps for only three months, not six months as FTX wanted. In addition to customer funds lost, the collapse of the company has also likely wiped out equity investors.

☆ Elon Musk throws out Twitter's political advertising ban in a quest for revenue to save his floundering social media company
▼ + stars: | 2023-01-04 | by ( Kali Hays | ) www.businessinsider.com time to read: +3 min

Elon Musk is lifting Twitter's ban on political ads. Billions are spent on political ads each year. Twitter will be "expanding" the amount of political advertising allowed on the platform and "relaxing" current rules around all "cause-based" advertising, the site's safety department said on Tuesday. TV advertising falls under the oversight of the Federal Communications Commission, which does not fact check any form of advertising, political or otherwise. Since Elon Musk took over Twitter at the end of October, the company's finances have deteriorated as brands and advertisers fled.

☆ It's hard to see what an avowed far-right militant 'would be doing much differently' than Elon Musk with his Twitter policies, extremism expert says
▼ + stars: | 2023-01-02 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +14 min

Berger, a researcher on extremism and extremist movements on social media, explained what constitutes extremism and how Musk fits into the right-wing extremist ecosystem. Elon Musk wouldn't be considered a right-wing extremist, right? It's hard to say if he's an extremist, but he is most definitely implementing policies that favor extremism. Is Elon Musk just bad at his job and unintentionally letting these right-wing extremists through or is it more sinister than that? There's a mythology of the center that the far right advances and that is the mythological center that Elon Musk is interested in promoting.

☆ Twitter says it's putting an end to 'free promotion' of Facebook, Instagram, and more
▼ + stars: | 2022-12-18 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Twitter announced the end of 'free promotion' for certain social media platforms on Sunday. The company said it would be putting an end to "free promotion of certain social media platforms on Twitter" in a series of tweets on Sunday and specifically named Instagram, Mastodon, Truth Social, Tribel, Nostr and Post as part of the prohibition. According to one of the tweets from Twitter Support, accounts created only to promote those social platforms would be removed from Twitter. "We know that many of our users may be active on other social media platforms; however, going forward, Twitter will no longer allow free promotion of specific social media platforms on Twitter," the site read. The social media platform has undergone many changes since Musk's $44 billion takeover in late October.

☆ Jack Dorsey apologizes for his Twitter moderation choices, saying he did the 'wrong thing for the internet and society' despite calling his decisions the 'right thing' at the time
▼ + stars: | 2022-12-14 | by ( Katherine Tangalakis-Lippert | Hannah Getahun | ) www.businessinsider.com time to read: +6 min

Dorsey condemned attacks on his former colleagues and laid out his thoughts for the future of social media. As CEO, Dorsey said he led Twitter to do the "wrong thing for the internet and society." When he co-founded Twitter in 2006, Dorsey's approach to content moderation was seen as pro-free speech and the company "had to be dragged" into content moderation, J.M. Berger, a researcher on extremism on social media like Twitter, told Insider. Dorsey, Musk, and representatives for Twitter did not immediately respond to Insider's requests for comment.

☆ Jack Dorsey admits mistakes at Twitter, and says the site still has problems
▼ + stars: | 2022-12-13 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +1 min

Twitter CEO Jack Dorsey addresses students during a town hall at the Indian Institute of Technology (IIT) in New Delhi, India, November 12, 2018. Twitter co-founder and CEO Jack Dorsey didn't mention Elon Musk by name. At the beginning of his post, Dorsey said he's come to believe in three principles. "The Twitter when I led it and the Twitter of today do not meet any of these principles," Dorsey wrote. Musk, who closed his $44 billion acquisition of Twitter in October, has rolled back many of the old moderation policies.

☆ Elon Musk smeared Twitter's former head of trust and safety by baselessly claiming he supports child sexualization
▼ + stars: | 2022-12-12 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Elon Musk falsely claimed that Twitter's ex-safety head supports the sexualization of children. Musk posted an excerpt from Yoel Roth's PhD thesis about "Gay Data" and misconstrued it. In the excerpt Musk posted, Roth advocated for social platforms like Grindr to become safe spaces for queer youth under the age of 18. Roth was the most senior member of Twitter's trust and safety team after executive Vijaya Gadde was fired by Musk on his first day as CEO. Musk then insinuated that executives including Roth were making "controversial decisions," often "without getting Jack's [Dorsey] approval."

☆ Elon Musk said Twitter will start showing users how many people have seen their tweets, and got Jack Dorsey's approval
▼ + stars: | 2022-12-09 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Elon Musk tweeted that Twitter will introduce a new feature showing "view count" on tweets, soon. Musk says he wants to improve transparency around so-called "shadow banning" on the site. Musk tweeted: "Tweets will show view count in a few weeks, just like videos do. Musk was responding to a thread discussing the issue of shadow banning on Twitter. Musk tweeted later that the group often made controversial decisions "without getting Jack's approval," who has "a pure heart imo."

☆ Elon Musk says 'controversial decisions' at Twitter were often made without Jack Dorsey's approval
▼ + stars: | 2022-12-09 | by ( Kate Duffy | ) www.businessinsider.com time to read: +2 min

Elon Musk said "controversial decisions" at Twitter were often made without Jack Dorsey's approval. While CEO of Twitter, Dorsey was "unaware of systemic bias" at the company, Musk said. Musk's comments came after part two of the so-called Twitter Files were published Thursday. Responding to Weiss' tweet, and appearing to back Dorsey, Musk said: "Controversial decisions were often made without getting Jack's approval and he was unaware of systemic bias. Dorsey hasn't responded to the Twitter Files' claims but he told Musk on Wednesday to "just release everything without a filter."

☆ Jack Dorsey calls for Elon Musk to release the Twitter Files 'without filter and let people judge for themselves'
▼ + stars: | 2022-12-07 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Dorsey told Musk to "just release everything without a filter" when it comes to the Twitter Files. Musk released internal Twitter emails on Friday, claiming they showed the company suppressed free speech. The billionaire has said he plans to release more internal information in the days to come. Last week, Musk began promoting the release of internal Twitter communications, which he dubbed the "Twitter Files." Musk has promised to release more Twitter Files.

☆ Jack Dorsey’s Block backs bitcoin mining company that wants to bring 25-cent electricity to rural Africa
▼ + stars: | 2022-12-06 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +8 min

So in February, she began spitballing creative solutions with two friends, and the three of them landed on a sort-of counterintuitive idea: bitcoin mining. The new 533 kilowatt site in Kenya where 300 kilowatts will be used for bitcoin mining. We're not doing bitcoin for bitcoin," said the lead for bitcoin mining and wallet at Block, Thomas Templeton. Block is also working on a project to make bitcoin mining more distributed and efficient. Making the mining process more accessible has to do with more than just creating new bitcoin, according to Templeton.

☆ More holiday shoppers are using 'buy now, pay later' services like Affirm & Afterpay. Financial advisors warn that it's a useful tool that can quickly pile on debt.
▼ + stars: | 2022-12-06 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +4 min

Buy now, pay later usage surged 85% during Cyber Week, according to data from Adobe Analytics. According to recent data from Adobe analytics, "buy now, pay later" usage surged 85%, and revenue increased 88% during Cyber Week compared to the week before. Unlike credit cards, most BNPL services don't require a credit check and don't charge interest. Rules of the roadMany experts agree that using a buy now, pay later service can be helpful when shoppers exercise caution. Dickens said he advises his clients to "Make sure you don't have more than two buy now, pay later installment loans.

SYDNEY, Nov 28 (Reuters) - When Melbourne barista Melinda Elliott had to cut back on casual work shifts this year, she asked her buy-now, pay-later (BNPL) provider, Afterpay, to lower her credit limit. "There was no email to say, 'your credit limit's gone up again'; it was out of nowhere," said Elliott by phone. The absence of interest charges has exempted them from consumer credit regulation, and the sector's business has grown strongly during an online shopping frenzy spurred by COVID-19 stimulus payments and ultra-low interest rates. If they come under regular consumer credit regulation, they will also lose their main competitive advantages. The Australian Securities and Investments Commission, which oversees the Credit Act, told Reuters it was "supportive of the BNPL sector being subject to regulation".

☆ Elon Musk says he wants 'Twitter 2.0' to have video chat, voice calls, and encrypted DMs — and has enlisted the help of Signal's founder
▼ + stars: | 2022-11-22 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Musk said in the meeting he wants to encrypt DMs for security and add voice and video chat functions. The creator of messaging app Signal, a former Twitter employee, could help with the plans, Musk said. Under the plans, DMs would be encrypted, meaning the text could only be read by participants, as is the case on platforms like WhatsApp, Telegram, and Signal. Musk added that he had spoken with the creator of Signal, Moxie Marlinspike, an ex-Twitter employee, who is "potentially willing to help out" with encrypting Twitter DMs. In August, an ex-employee was found guilty of spying after passing Twitter users' information to Saudi Arabia, having been paid over $300,000 to do so.

☆ Elliott raises stake in Pinterest; adds Clarivate, Cardinal Health to portfolio
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - Hedge fund Elliott Investment Management raised its stake in social media platform Pinterest (PINS.N) while adding Clarivate Plc , Cardinal Health (CAH.N) and Triple Flag Precious Metals Corp (TFPM.TO) to its portfolio, a regulatory filing showed on Monday. The filings are one of the few ways that funds are required to disclose their long positions, but may not reflect current holdings. The filings are closely watched for possible investment trends and potential future performance. Elliott had disclosed a stake in Pinterest in August, citing "significant potential for growth". Rival investment firm Tiger Global Management also added to its stakes in several tech firms in the third quarter, including tech giant Microsoft Corp (MSFT.O), and Jack Dorsey's payments firm Block Inc (SQ.N).

☆ Tiger Global raises stake in Microsoft, Jack Dorsey's Block
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - Investment firm Tiger Global Management has raised its stake in tech giant Microsoft Corp (MSFT.O) and Jack Dorsey's payments firm Block Inc (SQ.N), a regulatory filing released on Monday showed. The hedge fund trimmed its investments in China's JD.com Inc , digital banking firm Nu Holdings , software firm Blend Labs Inc (BLND.N) and cybersecurity firm SentinelOne Inc (S.N). Tiger Global also added Pagaya Technologies Ltd (PGY.O) and payments processor PayPal Holdings (PYPL.O) to its portfolio of investments. The quarterly filings are one of the few ways that funds are required to disclose their long positions, but may not reflect current holdings. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Dorsey's"

25 mentions found